Additional classes of insurance
2The following classes of insurance are prescribed for the purposes of subsection 24(1) of the Insurance Act:
“credit protection insurance” means insurance under which an insurer undertakes to pay off credit balances or debts of an individual, in whole or in part, in the event of an impairment or potential impairment in the individual’s income or ability to earn income.(assurance protection de crédit)
“fidelity insurance” means
(assurance contre les détournements)
(a)
insurance against loss caused by the theft, the abuse of trust or the unfaithful performance of duties by a person in a position of trust, or
(b)
insurance under which an insurer undertakes to guarantee the proper fulfilment of the duties of an office.
“legal expenses insurance” means insurance against the costs incurred by a person or persons for legal services specified in the policy, including any retainer and fees incurred for the services, and other costs incurred in respect of the provision of the services.(assurance de frais juridiques)
“liability insurance” means insurance, other than insurance that falls within another class of insurance,
(assurance responsabilité)
(a)
against liability arising out of the bodily injury to or the disability or death of a person, including an employee,
(b)
against liability arising out of the loss of or damage to property, or
(c)
if the policy includes the insurance described in paragraph (
a), against expenses arising out of bodily injury to a person other than the insured or a member of the insured’s family, whether or not liability exists.
“mortgage insurance” means insurance against loss caused by default on the part of a borrower under a loan secured by a mortgage or charge on, or other security interest in, real property.(assurance hypothèque)
“property insurance” means insurance against the loss of or damage to property and includes insurance against loss caused by forgery.(assurance de biens)
“surety insurance” means insurance under which an insurer undertakes to guarantee the due performance of a contract or undertaking or the payment of a penalty or indemnity for any default.(assurance caution)
“title insurance” means insurance against loss or damage caused by
(assurance de titres)
(a)
the existence of a mortgage, charge, lien, encumbrance, servitude or any other restriction on real property,
(b)
the existence of a mortgage, charge, lien, pledge, encumbrance or any other restriction on personal property,
(c)
a defect in any document that evidences the creation of any restriction referred to in paragraph (
a) or (
b),
(d)
a defect in the title to property, or
(e)
any other matter affecting the title to property or affecting the right to the use and enjoyment of property.